Company raises €12m in financing with a view to entering to the European market
Vitestro – a company which has developed autonomous blood drawing technology – has completed a €12m series A financing round.
The round was led by California-based Sonder Capital, alongside new private investors with experience across the clinical laboratory and MedTech industry. The financing also included existing investors.
The funding will be used to speed up product development, initiate production and prepare EU market authorisation.
Vitestro’s device combines AI-based, ultrasound-guided 3D reconstruction with robotic needle insertion, providing accurate and secure blood collection. A prototype has been tested on more than 1,000 patients, while clinical studies will continue during 2023. Furthermore, European market introduction is anticipated next year.
Toon Overbeeke, chief executive officer and co-founder of Vitestro, was in no doubt about the boost the funding could provide: “This financing round marks a new phase of growth for Vitestro which brings the company closer to its mission of improving the venipuncture procedure for hundreds of millions of patients per year.”
He added: “We look forward to growing the business and transforming patient care with Sonder Capital, leveraging their expertise in successfully commercialising medical robotic technologies.”
Brian Joseph, co-founder and commercial director of Vitestro, reflected: “Sonder Capital has a track record of creating lasting value for patients and hospitals. Vitestro’s long-term commitment to its customers will be supported by this partnership.”
“Automating this ubiquitous procedure is the next evolution for clinical laboratories, allowing them to improve quality of care for patients while building a more sustainable operation," concluded Andy McGibbon, managing partner at Sonder Capital.
Blood drawing is undertaken billions of times globally every year and has a pivotal role in clinical diagnostics but is impacted by a wider shortage of skilled healthcare workers.